Mortgage Rates 5-31: Mortgage Rates Lower, Home Prices Lower

Mortgage rates are lower this week but are still not enticing home buyers back into the market and as result home prices continue to decline.  The S&P/Case-Shiller U.S.National Home Price Index was released this morning and showed a decline of 4.2% in the first quarter of 2011. Nationally, home prices are now back to their mid 2002 levels.

Find current mortgage rates in your state by searching our mortgage rate tables at MortgageRates.MonitorBankRates.com. You can see today's mortgage rates from several lenders and unlike most other websites, no personal information is needed to view a list of rates.

Conforming 30 year mortgage rates are averaging 4.54%, down from last week's average 30 year mortgage rate of 4.62%. The national average 30 year mortgage rate is now at a low for 2011 as reported by MonitorBankRates.com.

Loan Term
Lender
APR / Rate
Fees / Points
Payment
PenFed Credit Union
NMLS #401822
5.157%
15-Year Fixed
4.875%
$7,500
Includes 0.875 points for $3,500
Lender Fees: $4,000
$3,138 /mo
District Lending
NMLS #1835285
5.478%
15-Year Fixed
5.250%
$6,000
Includes 1.000 points for $4,000
Lender Fees: $2,000
$3,216 /mo
Surety Home Loans
NMLS #1981224
5.535%
15-Year Fixed
5.250%
$7,500
Includes 0.875 points for $3,500
Lender Fees: $4,000
$3,216 /mo
Watermark Capital
NMLS #1838
5.917%
15-Year Fixed
5.750%
$4,331
Includes 0.708 points for $2,832
Lender Fees: $1,499
$3,322 /mo
Solidify Mortgage Advisors
NMLS #1283930
License: 01970483
5.933%
15-Year Fixed
5.750%
$4,737
Includes 0.903 points for $3,612
Lender Fees: $1,125
$3,322 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.013%
15-Year Fixed
5.875%
$3,552
Includes 0.713 points for $2,852
Lender Fees: $700
$3,349 /mo
District Lending
NMLS #1835285
6.368%
30-Year Fixed
6.250%
$5,000
Includes 0.750 points for $3,000
Lender Fees: $2,000
$2,463 /mo
Surety Home Loans
NMLS #1981224
6.403%
30-Year Fixed
6.250%
$6,500
Includes 0.625 points for $2,500
Lender Fees: $4,000
$2,463 /mo
Rocket Mortgage
NMLS #3030
6.513%
15-Year Fixed
6.375%
$3,500
Includes 0.875 points for $3,500
Lender Fees: $0
$3,458 /mo
Watermark Capital
NMLS #1838
6.739%
30-Year Fixed
6.625%
$4,719
Includes 0.805 points for $3,220
Lender Fees: $1,499
$2,562 /mo
Solidify Mortgage Advisors
NMLS #1283930
License: 01970483
6.749%
30-Year Fixed
6.625%
$5,125
Includes 1.000 points for $4,000
Lender Fees: $1,125
$2,562 /mo
Surety Home Loans
NMLS #1981224
6.788%
5-Year ARM
6.625%
$6,840
Includes 0.940 points for $3,760
Lender Fees: $3,080
$2,562 /mo
District Lending
NMLS #1835285
6.890%
5-Year ARM
6.750%
$5,756
Includes 0.939 points for $3,756
Lender Fees: $2,000
$2,595 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.958%
30-Year Fixed
6.875%
$3,392
Includes 0.673 points for $2,692
Lender Fees: $700
$2,628 /mo
PenFed Credit Union
NMLS #401822
7.034%
30-Year Fixed
6.875%
$6,500
Includes 0.625 points for $2,500
Lender Fees: $4,000
$2,628 /mo
Rocket Mortgage
NMLS #3030
7.313%
30-Year Fixed
7.250%
$2,500
Includes 0.625 points for $2,500
Lender Fees: $0
$2,729 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

15 year conforming mortgage rates today are averaging 3.81%, down from the previous week's average 15 year mortgage rate of 3.84%.

Current 30 year jumbo mortgage rates are averaging 5.05%, down from the prior week's average 30 year jumbo mortgage rate of 5.18%.

15 year jumbo mortgage rates are averaging 4.39%, down from last week's average 15 year jumbo rate of 4.41%.

Mortgage Rates

Conforming Adjustable Mortgage Rates Today and Conforming Adjustable Refinance Rates

The current refinancing rate and mortgage rate on 1 year adjustable rates are averaging 2.96 percent, a decline from last week’s average 1 year adjustable home mortgage refi rate and loan rate of 3.02 percent.

3 year adjustable mortgage refinance rates and adjustable mortgage rates are averaging 3.03 percent, down from last week’s average 3 year adjustable mortgage rate of 3.12 percent.

Current refinance rates and mortgage rates on 5 year adjustable mortgages are averaging 3.41 percent, up from the prior week’s average rate of 3.40 percent.

Current refinance mortgage rates and mortgage rates on 7 year adjustable home loans are averaging 3.47 percent, down from the previous week’s average 7 year loan rate of 3.54 percent.

10 year adjustable mortgage loan rates are averaging 3.99 percent this week, down from last week’s average 10 year adjustable rate of 4.00 percent. Current mortgage refinance rates on 10 year home loans are also averaging 3.99 percent.

Adjustable Jumbo Refinance Rates and Jumbo Mortgage Rates

1 year jumbo adjustable loan rates are averaging 4.05 percent, unchanged from the prior week’s average 1 year jumbo adjustable loan interest rate. Refinance rates on 1 year jumbo loans are also averaging 4.05 percent.

3 year adjustable jumbo rates are averaging higher at 3.85 percent, down from last week’s average 3 year jumbo adjustable rate of 3.91 percent. Today’s refinance interest rates on 3 year jumbo loans are also lower, averaging 3.85 percent.

5 year adjustable jumbo interest rates today are averaging 3.44 percent, a decrease from last week’s average jumbo adjustable rate of 3.46 percent. Today’s refinancing mortgage interest rates are also averaging 3.44 percent.

7 year jumbo adjustable loan rates today are averaging 4.01 percent, down from last week’s average 7 year adjustable home loan rate of 4.04 percent. 7 year jumbo refinance loan rates are also lower at 4.01 percent.

10 year jumbo loan rates are averaging 4.48 percent, down from the prior week’s average 10 year jumbo home loan rate of 4.56 percent. 10 year jumbo refinance interest rates are also lower, averaging 4.48 percent.

Conforming Interest Only Adjustable Mortgage Rates and Adjustable Interest Only Refinancing Rates

3 year interest only adjustable mortgage loan rates are averaging 3.26 percent, up from last week’s average interest only mortgage loan rate of 3.12 percent. 3 year interest only adjustable refinance mortgage rates are also averaging 3.16 percent.

5 year IO adjustable loan rates are averaging 3.19 percent, down from last week’s average five year interest only mortgage loan rate of 3.26 percent. Current 5 year interest only adjustable refinance mortgage loan rates are also averaging 3.19 percent.

7 year interest only adjustable mortgage loan rates are averaging 3.73 percent, up from last week’s average 7 year interest-only mortgage interest rate of 3.71 percent. 7 year adjustable refi loan rates are averaging 3.73 percent.

Current Interest Only Jumbo Mortgage Refinancing Rates and Interest Only Jumbo Mortgage Loan Rates

3 year jumbo interest only adjustable loan rates are averaging 3.76 percent, down from last week’s average jumbo adjustable interest only rate of 4.12%. 3 year interest only adjustable jumbo refi rates are also averaging 3.76 percent.

5 year adjustable jumbo interest only rates are averaging 3.85 percent, up from last week’s average IO home mortgage interest rate of 3.83%. 5 year jumbo adjustable IO loan rates are also averaging at 3.85 percent.

7 year jumbo interest only adjustable rates are averaging 4.24 percent, down from last week’s average jumbo 7 year home loan rate of 4.28%. Current 7 year jumbo adjustable interest-only rates are also averaging 4.24  percent.

Current Home Equity Loan Rates

10 year home equity loan rates are averaging 6.77 percent, unchanged from last week’s average home equity loan rate.

15 year home equity rates are averaging 6.87 percent, unchanged from the prior week’s average home equity loan rate.

Today’s Home Equity Line of Credit Rates (HELOC)

Home equity line of credit rates are averaging 4.95 percent, unchanged from last week’s average rate HELOC rate.

Attention real estate agents: Get free mortgage rate widgets for your website. You can display national average mortgage rates and state average mortgage rates by using our mortgage rate widgets. Get free widgets here: Mortgage Rate Widget. Rates are automatically updated daily.

 
Author: Brian McKay
May 31st, 2011

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